The gold market has temporarily cooled after a historic price surge, driven by the U.S. monetary easing policies, stimulus measures from China, and a surge in safe-haven demand amid rising tensions in the Middle East.
As a result, global gold prices have dropped significantly due to profit-taking by investors. Many in the gold market are increasing their sell-offs to mitigate risks ahead of the upcoming U.S. jobs report.
However, gold still has the potential to rise to $2,700 per ounce if this week's labor market data strengthens the likelihood of a further 75 basis points rate cut by the Fed by the end of the year.
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